KUALA LUMPUR: Pelaburan Mara Bhd’s (PMB) wholly-owned PMB Investment Bhd is targeting to achieve RM2 billion in assets under management (AUM) by 2020.
Pelaburan Mara acting group chief executive officer (CEO) Tengku Ahmad Badli Shah Raja Hussin said as of July this year, the company’s AUM stood at RM1.3 billion.
He said PMB had targeted to add an extra RM200 million by the end of this year to its AUM.
This would be achievable with PMB Investment enhancing its trust funds.
“Our aim is to give more attention to our total of 15 unit trust funds and focus more on the high performing investments,'' Tengku Ahmad Badli told reporters after the strategic collaboration memorandum signing ceremony with Zurich Takaful Malaysia Bhd to co-market and cross sell each other’s product portfolios here today.
He said the collaboration will accelerate growth and demand for Shariah-based financial products.
“This, in turn, will bring about a significant impact to both companies and the Islamic financial industry,” he added.
The collaboration was signed by PMB Investment chief executive officer Najmi Mohamed and Zurich Takaful chief executive officer Mukesh Dhawan.
Mukesh said the collaboration would educate Malaysians on Islamic financial education and literacy at a faster pace.
“There are many opportunities within the takaful industry for the formation of new and meaningful strategic collaboration and this collaboration will enable us to combine both our expertise and strengths to improve market coverage,'' he said.
As at 30 June 2019, the Securities Commission statistics showed that there were 230 Shariah-compliant funds with net asset value (NAV) of RM96.2 billion from the total of 670 unit trust funds with RM467.1 billion NAV.
The NAV for Shariah-compliant funds grew 21.1 per cent from June 2018 to June 2019 compared to 7.8 per cent for the conventional funds.
As at July 31 this year, PMB Investment had 1,000 unit trust consultants and expects an increase of 50 per cent by year-end.
Zurich Malaysia, meanwhile, has about 6,000 agents nationwide.